Illumishare, a blockchain-based digital asset management ecosystem, has taken the ‘proof of reserve’ to extreme. Next week it will launch pre-sale of its Abu-Dhabi-licensed $SRG token, which will begin after its unveiling event in Dubai on November 22.
Illumishare will introduce a token that’s backed by three uncorrelated assets including gold, stored in a safe room at a bank in Abu-Dhabi and broadcast live 24/7.
By combining traditional economy methods with blockchain, Illumishare defines a new crypto category known as “Trust Token” with a “Proof of Gold” backed platform – a gold backed reliable practice answering the market’s demand for proof of reserve, following recent events.
Designed to offer consumers a reliable inflation hedge and unprecedented financial security, Illumishare’s $SRG token is not a stablecoin as it is backed by three uncorrelated assets: gold, a cash recovery fund, and technology.
- Gold – Illumishare keeps a physical gold reserve in Abu-Dhabi equivalent to a percentage of the all-time high Market Cap.
- Cash – Meanwhile, a cash reserve is built from the margins between the gold market price and the gold price Illumishare pays, which will be used automatically for aggressive marketing.
- Tech – An auto burn mechanism, assets-backed NFT marketplace, staking mechanism, and payment gateway act as the third insurance mechanism.
Illumishare works in close collaboration with The Private Office of His Highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Abu Dhabi Royal Family and is commercially licensed by the Abu-Dhabi authorities.
The company said in a press release shared with AlexaBlockchain that it will launch its asset-backed NFT marketplace in Q2 of 2023. This NFT marketplace will only work with certified companies dedicated to tokenizing real estate assets, gold and diamond certifications, gold and diamond mines, and agricultural plants.
Accoding to the company, the NFT marketplace will incorporate the latest anti-fraud system, that will scan every NFT uploaded by creators and remove every scam project to keep our users safe, to ensure every project offered on the platform is 100% genuine.
Ben Sharon, Co-Founder and CEO of Illumishare, points out that only 4.23% of the world population has adopted crypto so far, and that’s because of failing projects and a lack of transparency and honesty that plagues the ecosystem.
“Through a combination of human capital, technology, cash and gold, we have created a new transparent economy driven by innovation that doesn’t discount the historic security of uncorrelated assets,” Ben added.
The IllumiShare team is comprised of industry-leading specialists in Blockchain, Fintech, and Global Banking, including top executives from BlackRock, Polygon, Binance, Meta (Facebook), J.P Morgan, Goldman Sachs, Dubai Gold Exchange, Alibaba, and Microsoft.
Consumer prices rose in 2021 at the fastest pace in 39 years, resulting in warnings such as major hedge fund Elliott Management claims that the global economy is at risk of crippling hyperinflation and conditions “that would be at or beyond the boundaries of the entire post-WWII period.”
Gold and other uncorrelated assets will be efficient solutions for people to maintain the value of their money as they search for trustworthy alternatives to fiat currency.
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